South Korea’s exports post steepest fall in six years in Jan
According to media reports, data released by South Korea’s Trade, Industry and Energy Ministry showed that the country’s exports fell for a 13th consecutive month in January, tumbling 18.5% on the year to $36.7 billion and exceeding analysts’ forecasts of a 10.8% drop. The figure indicates the sharpest fall since August 2009, when shipments fell 20.9%.
South Korea’s decline in export activities were attributed to a slowdown in the Chinese economy, weaker global demand and plunging oil prices. The country’s imports, meanwhile, posted a larger decline of 20.1% from a year earlier following a 19.2% fall in December. Analysts’ estimations had called for a 15.1% drop.
The ministry reported that South Korea’s 2015 exports fell 8%, the first yearly contraction in three years while the economy grew 2.6%, slower than the previous year’s growth of 3.3%.